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Real Estate Weekly with CompStak Data: Techies in space race

Office sharing companies are duking it out for space!

Techies in space race

8:30 AM, NOVEMBER 6, 2013
As WeWork continued to expand, its rivals aren’t staying put. TechSpace, which rents out space in shared offices on a short-term basis, just signed a lease for the 11th floor of 18 West 18th Street.

Tara Stacom

According to CompStak data, the asking rent for the 15-year lease was in the mid-to-high $50s. TechSpace has also leased 23,000 s/f of office space at 44 West 28th Street since 2008, as well as 60,000 s/f at 41 East 11th Street and an 18,000 s/f space at 95 Morton Street Tara Stacom, Peter Alden and David Green of Cushman & Wakefield represented the landlord, C.A. White. The tenant was represented by C&W’s Jamie Katcher, and by Jared Horowitz (now at Newmark Grubb Knight Frank.) The office space comprises the building’s top floor, with skylights, 11-foot ceilings and the potential for a rooftop-terrace. In recent years, the surrounding Midtown South area has become a center for the tech industry, TechSpace’s main clientele. Founded in 1997 in New York, TechSpace was taken over by Calfornia based Enfrastructure in 2002. The company also operates two offices in Orange County, CA, and one in Los Angeles